Annapolis Area Open Houses: Do They Work?
January 18th, 2008 Categories: Real Estate News
We get that question all the time from clients and others who are considering selling a home. The answer is a resounding maybe.
It all depends on what you mean by work. If you’re asking is it likely that a buyer will waltz through the door, be swept off her feet and whip out the checkbook…then the answer is that there’s a slim chance. It has happened to us, but only a couple of times - minus the waltzing and whipping out of checkbook part - but you get the idea. The quick walk-in sale is something of a long shot.
But an Open House Does Create Buzz and Word-of-Mouth Advertising That Annapolis Area Sellers Just Can’t Buy
Take the neighbors, for instance. Conventional wisdom says that about half the people you get through on an open house are nosy neighbors and lookie-loos, not serious buyers. Some agents cite this as a reason to not hold open houses, but they’re missing the boat: these people talk. They might just have a friend or co-worker who is looking for a home in the area. It happens.
Just last week a fellow from Baltimore come through one of our open houses in Annapolis - not from an ad, but because his colleague, who had seen the home previously, suggested he stop in and have a look. Even when people don’t stop in, the mere presence of open house signs sends a signal to passersby that a likely-motivated seller lives there. People remember that.
An Open House Motivates Home Sellers, Provides Feedback, and Helps Sellers Keep an Eye on the Goal
What’s the first thing you do when family or friends are coming over for dinner? You clean up, right? Same for open houses. Old newspapers, funky stuff in the fridge, your collection of Britney bobbleheads - nothing puts pressure on a home seller to clean, toss, organize and otherwise get one’s tail in gear like an open house does. An open house clarifies the mission and sets a deadline for achieving it. Most of us need that level of motivation and accountability.
If you don’t have a third eye or act like a creep, people will tell you useful things at open houses. They’ll comment on paint colors, room flow, design, and other stuff. Some of it may be nonsense. Then again, open house feedback may alert a seller to an issue that could hinder a sale. It’s good to know these things so you can deal with the issue right away, if necessary.
So: do open houses work? We think so. But our home sellers will always have the last word on whether or not we hold them.
